E-Business
IFIS Obtains CBN Final Approval, Crosses the 10,000 Agents’ Mark

Interswitch Group has recorded another first with the granting of Interswitch Financial Inclusion Services (IFIS), Commercial Super-Agent license by Central Bank of Nigeria (CBN).
IFIS has fulfilled all Approval-in-Principle requirements and has a business mandate to grow an active Agent Network of 150,000 by 2020.
Trading as Quickteller Paypoint, IFIS aims to increase the availability of digital financial services in financially-excluded locations in Nigeria from 44% to over 70% in five years.
Quickteller Paypoint has now crossed a symbolic milestone by breaking the 10,000 activated agent mark.
With this feat, Quickteller Paypoint now has the second largest agent network in Nigeria.
Confirming the license update, Mike Ogbalu, Divisional CEO, IFIS, said that,”With excitement, we are proud to announce this feat.
“We are conscious of the fact that work is only just starting.
“We would not be resting on our oars and remain fully dedicated to our cause and business mandate.
“By way of investment in people and technology, we continue to reaffirm our commitment to this ambitious project.
“We understand the essence of financial inclusion and the impact on national development.
“With our 10,000 strong agent network, we are well-positioned to serve the nooks and crannies.
Working closely with governments at various levels and international agencies, IFIS is set to take its services deeper into the rural communities while creating new entrepreneurs and enhancing existing SMEs.
“We express genuine appreciation to all of our esteemed agents (10,000 and counting), our valuable partners, stakeholders and the CBN for believing in our vision.
“We will continue to upgrade our systems and security measures in line with developments in the payments industry.
“As a licensed super-agent with a high sense of responsibility and professionalism, we will continue to abide by the regulatory framework.
Quickteller Paypoint was fully plugged into the Financial Inclusion Week (October 30 – November 3, 2017) geared towards building a more inclusive financial ecosystem. With new products and partnerships, we will continue to empower our agents and customers alike.
He stated that Quickteller Paypoint understands the pain points of the underserved and unbanked Nigerians and is designed to digitize cash and commoditize access to financial services.
Quickteller Paypoint value proposition cuts across entrepreneurs, artisans, small shop owners, traders, supermarkets, trade associations, retail chains, government agencies and service providers.
Mr.Ogbalu noted that, Quickteller Paypoint is premised on shared prosperity which is an interesting platform for economic growth, that can be translated to mean “mutual growth” In the simplest terms.
Shop owners or existing businesses can earn additional income by adding an array of payment services to their existing bouquet.
Commercial and microfinance banks, Telcos, Cable TV providers, Betting companies, Discos, Insurers, Government Agencies etc can deepen penetration for their business by expanding into communities that hitherto, were relatively unreachable.
Quickteller Paypoint also offers bill payments, airtime recharge, money transfers, deposits, withdrawals, government payments, lottery winnings and more.
It will be noted that,Interswitch has been known since its launch in 2002 to be one of the strongest proponents of the attainment of a truly cashless society and has been known to push the boundaries of technology in achieving this.
The company in 2014 was listed by Deloitte as the fastest growing tech company in Africa with a year-on-year growth rate of over 1500%.
Interswitch has also made considerable inroads into the East African market with the acquisition of Paynet Kenya alongside a strategic partnership with KCB Bank across several East African countries.
E-Business
Firm Spots Rising Scam Activity Around the 2026 World Cup, from Bogus Tickets to $500,000 “grant” Emails

Millions of football fans around the world are gearing up for the World Cup, and cybercriminals are seizing the moment to exploit the heightened interest.

Experts at Kaspersky have uncovered various types of scams that mimic official tournament resources or leverage the event for unsafe purposes, putting users’ data and finances at significant risk.
On one of the fraudulent websites discovered, users are offered the option to buy tickets for FIFA World Cup matches, with payments accepted in almost any currency.
However, after completing the fake registration and payment steps, users risk not only losing money from their bank cards but also exposing sensitive personal data to attackers.
The site uses the official colour scheme of the 2026 tournament to mislead users. In addition, the scammers offer ways to contact them, either directly on the site or via messaging apps.
Another website offers users the chance to purchase “official merchandise” for the 2026 tournament, featuring images of mascot plush toys and T-shirts, with a wide selection available for “purchase.” To make the offer more enticing, the site highlights steep discounts. Additionally, to appear more credible, the scammers have added a “Trusted store” badge at the bottom of the page, along with a registration form that requests personal and banking details.
Another attack scenario involves fraudulent email campaigns, in which attackers attempt to trick users into sending money or click a phishing link. To increase the chances of engagement, the emails feature compelling subject lines and persuasive messaging.
In one of the examples identified, fans received emails allegedly sent by official representatives of the event regarding a fake decision from a dispute resolution chamber. The link provided in the email leads to a phishing page.
In some cases, users are targeted with scam emails claiming they have “won” a $500,000 grant to cover tickets, flights, and accommodation, followed by instructions to contact the sender to claim the “prize” funds. Kaspersky also reports email spam and unsolicited ads related to the sale of competition-themed merchandise and souvenirs, some of them might turn out to be a scam.
“Unfortunately, major sporting events that attract large audiences are never overlooked by scammers. Seemingly harmless or even appealing emails can often conceal not only dangerous links and malicious attachments.
In some cases, careless interaction with such messages can lead to serious device infections. We recommend that users ignore any suspicious emails and websites to protect their financial assets and keep their devices and personal data secure,” says Anna Lazaricheva, senior spam analyst at Kaspersky.
E-Business
NDPC Warns of Offshore Data Risks as 90 Percent of Country’s Data is Hosted Abroad

Nigeria Data Protection Commission (NDPC) has raised concerns over data sovereignty, national security as well as loss of economic value, as over 90 per cent of Nigeria’s data is hosted abroad.

Pic credit…247digitize.com
Vincent Olatunji, national commissioner/CEO, NDPC, stressed the importance of safeguarding Nigeria’s digital economy through strong data protection and privacy frameworks.
He spoke while while delivering a keynote address at the IoT West Africa Conference, where he stated that the trend poses significant risks to Nigeria’s control over its digital assets.
He further described the situation as precarious for the nation’s sovereignty, and called for urgent investment in local data infrastructure.
Olatunji, highlighted data sovereignty, the growing role of data centres, and regulatory expectations under the Nigeria Data Protection Act, 2023, noting both the benefits of compliance and the risks of non-compliance. Olatunji underscored that data centres are now critical infrastructure for Nigeria’s digital transformation.
While decrying that over 90 percent of the Nigeria’s data is hosted abroad which is precarious for the nation’s sovereignty he encouraged for more investment in the sector as it is projected to reach $1.9 billion by 2031.
Also speaking, Kashifu Inuwa, the director-general of the National Information Technology Development Agency (NITDA), said policy is emerging as the key driver of Nigeria’s digital transformation, particularly in shaping the development of the Lagos-Abuja digital corridor.
“While infrastructure responds to demand, policy creates the enabling environment for sustainable growth,”
Inuwa who was represented by Aristotle Onumo, director, stakeholders management and partnership at the IoT West Africa Conference in Lagos, on the theme “The Lagos-Abuja Digital Corridor: Building Africa’s Next Data Centre and Cloud Hub.”
Inuwa emphasised that while infrastructure responds to demand, policy remains the critical driver that creates an enabling environment for sustainable digital growth.
He explained that Nigeria’s broadband policy, which stipulates minimum speeds of 10 Mbps for rural areas and 25 Mbps for urban centres, provides a strategic framework for prioritising infrastructure deployment along the Lagos-Abuja digital corridor.
He cautioned, however, that without deliberate collaboration and partnership between government, the private sector, and civil society, widespread infrastructure rollout would remain challenging. “Collaboration is the pathway that massifies impact, while partnership harnesses collective intelligence. No one can achieve this in isolation,” he said.
Inuwa also spoke on the Nigerian Sovereign Cloud Project; a flagship initiative aimed at strengthening indigenous cloud service providers and preventing the dominance of Nigeria’s digital infrastructure by foreign hyperscale operators.
By scaling local infrastructure to meet global standards, the project seeks to domesticate data hosting, reduce operational costs, and improve access to cloud services across the country.
E-Business
Opay Plans IPO in US, Targets $4Bn in Valuation

Opay, a financial technology (fintech) firm, is working with Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co. for an initial public offering (IPO).

According to a report by Bloomberg on Friday, sources said the platform, backed by SoftBank Group Corp., is considering a listing in the United States and is targeting a valuation of about $4 billion.
They added that the company could proceed with the share sale later this year, although the timing and size of the offering are yet to be finalised.
Opay is one of Africa’s fastest-growing fintech firms, offering mobile payments, transfers, and other financial services across Nigeria.
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The fintech company, Citi, Deutsche Bank, and JPMorgan have not publicly commented on the IPO plans.
Like Opay, Flutterwave, a major fintech company in Africa is planning an IPO.
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